Freeman L. Levinrad

DOL Announces Publication of Final E-Disclosure Rule

FREEMAN L. LEVINRAD and NICHOLAS J. WHITE, May 26, 2020    On May 21, 2020, the Department of Labor (DOL) announced its final rule on electronic disclosures, which is scheduled to be published on May 27th. The final rule allows employers to deliver participant disclosures primarily electronically. The DOL anticipates this will reduce plan costs by […]

U.S. Senate Committee Eyes Lack of Guidance on ERISA Cybersecurity

ROBERT R. GOWER and FREEMAN L. LEVINRAD, April, 2019      It seems that every day, a new high-profile data breach is in the news. With increased reliance on the internet to transmit personal information, the potential for breaches has grown significantly. Defined contribution plans, which now hold over $5 trillion in assets, are by […]

Providing Certain Fringe Benefits Now Results in UBIT for Tax-Exempt Organizations

FREEMAN L. LEVINRAD, February, 2018 The Tax Cuts and Jobs Act (the “Act”) contains a provision that requires tax-exempt organizations to recognize unrelated business income tax (UBIT) on certain fringe benefits offered to their employees. This change became effective January 1, 2018. It is important for tax-exempt organizations to understand how and why these fringe […]

Proposed Regulations Allow for Use of Forfeitures to Fund QNECs and QMACs

FREEMAN L. LEVINRAD, January 2017   On January 18, 2017, the Internal Revenue Service (“IRS”) released proposed regulations (the “Proposed Regulations”) broadening the definition of employer contributions that will qualify as qualified nonelective contributions (“QNECs”) and qualified matching contributions (“QMACs”). This broadened definition allows for the use of forfeitures to fund QNECs and QMACs. QNECs […]

The Fifth Circuit Emphasizes that Conclusory Statements will not Satisfy the Pleading Standard for Stock Drop Lawsuits

FREEMAN L. LEVINRAD, October 2016    On September 26, 2016, the Fifth Circuit, in Whitley v. BP, P.L.C. (“Whitley”), 2016 WL 5387678 (2016), emphasized that conclusory statements will not satisfy the pleading standard for complaints alleging breaches of fiduciary duty related to retirement plans’ investment in employer stock (commonly known as stock-drop cases), as established in […]

New Filing Guidance Regarding the Retroactive Commuter Benefit Increase

FREEMAN L. LEVINRAD, January 2016 To help those employers that allowed employees to exclude more than $130 in nontaxable monthly transit benefits for 2015, the IRS issued Notice 2016-6 to facilitate their adjustment of employees’ federal nontaxable wages following the recent retroactive increase in excludable transit benefits. On December 18, 2015, the President signed the […]

New Final ACA Rules Regarding Limited Wraparound Coverage as an Excepted Benefit

FREEMAN L. LEVINRAD, May 2015 — On March 18, 2015, the Department of Labor, the Department of the Treasury, and the Department of Health and Human Services (the “Departments”) jointly issued final rules (the “Final Rules”) amending proposed regulations previously issued under the Affordable Care Act (the “ACA”) regarding the inclusion of “limited wraparound coverage” […]